Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

A post from Tesla on the social media platform Weibo showed that the price of the Model S has been lowered from 808,900 yuan to 754,900 yuan ($103,477.58); a 6.7% drop. The price of the Model X was reduced by 6.9% from 898,900 yuan to 836,900 yuan.

Vehicle sales in China for the EV maker declined by 31% in July compared to June – the first month-on-month decline that Tesla has experienced since December last year. This was the period in which Tesla lowered its production levels as it dedicated more resources to preparing for the revamped Model 3 launch.

In addition to raising its profit margin, Tesla is also looking to remain competitive against rivals such as China’s BYD, which saw its sales increase over July compared to the previous month.

The post Tesla Slashes Prices in China in Sales Push appeared first on theprimarymarket.com.

Futures on the S&P 500 fell by 0.62% on Thursday, while those on the Dow Jones Industrial Average declined by 0.39%. Contracts on the tech-heavy Nasdaq Composite Index sunk by almost 1%.

Tesla shares tanked by almost 7% during pre-market trading after the company reported lower-than-expected first-quarter earnings on Wednesday. The company’s gross profit margin was 19.3%, lower than Wall Street estimates of a 20.7% gross profit margin.

Following Tesla’s example were Ford and General Motors stocks, which declined by almost 2%. Stocks in fellow EV companies Rivian and NIO also fell by over 2%.

Major indexes closed relatively flat on Wednesday following the mixed corporate earnings reported by Netflix and Morgan Stanley. IBM shares were on the rise after the company adjusted earnings per share of $1.36, beating Wall Street estimates of $1.25 per share.

Oil futures declined on Thursday, with the U.S. benchmark West Texas Intermediate falling by approximately 1.5%. Investors also placed focus on this week’s economic data, with 245,000 jobless claims being filed.

The post Futures Decline Following Disappointing Tesla Financials appeared first on theprimarymarket.com.

Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.

These earnings results are expected to provide some guidance on the direction of the U.S. economy as well as potential actions that the Federal Reserve could take at its next policy meeting in May.

With all three major U.S. indices logging gains last week, banking stocks appeared to be driving this surge, with JPMorgan leading the charge by gaining over 7% on what was its best day of trading since 2020.

“This week, the initial earnings from a few very large banks suggest that the quick work of the FDIC and Federal Reserve in the wake of Silicon Valley Bank’s failure [has] prevented broader damage,” strategists at Bespoke Investment Group commented in a note to clients.

Among the banking and investment stocks that remain in full focus are Charles Schwab, with results set to be released on Monday, and Bank of America and Goldman Sachs, both of whom will release their results on Tuesday.

The post Netflix, Tesla, Bank of America, in Spotlight Ahead of Earnings Reports appeared first on theprimarymarket.com.

Chandan Kumar, head of products at ETF provider Indxx commented that Tesla’s continued growth in China is unsurprising. This is because China’s Passenger Car Association (CPCA) stated in February that sales of new energy vehicles rose by 30% overall for the month.

“As a logical result of this Tesla, despite what many Americans may think, only gets roughly 31% of its total sales from the US, with the rest essentially all from China and Europe,” Kumar observed.

Much of Tesla’s sales boost comes from the company’s decision to cut the price of its Chinese-made Model 3 and the Model Y in January, which were reduced by 13.5% and 10% respectively.

Despite Tesla’s sales growth, the company was still outperformed by competitors such as BYD, which outsold Tesla and grew its new energy vehicle sales by over 100% for the month.

The post Tesla Stock Rises Amid China Sales Boom appeared first on theprimarymarket.com.

405,278 electric vehicles were delivered by Tesla in the fourth quarter, notably exceeding the 308,600 vehicles delivered during the same period during the previous year. This figure still fell short of analysts’ estimates of 431,117 deliveries for the quarter.

Of the vehicles delivered during the fourth quarter of 2022, 388,131 were Model 3 compact sedans and Model Y sports utility vehicles. 17,147 of the vehicles were Model X and Model S luxury cars.

With 439,701 vehicles being produced during the fourth quarter, Tesla’s deliveries fell about 34,000 vehicles short of production. This comes after CEO Elon Musk stated in October that he was working to resolve ongoing logistical bottlenecks.

Tesla plans to run a reduced production schedule in January, with the company implementing a shutdown at its Shanghai branch over the Chinese new year.

The post Tesla Reports Record Deliveries, Misses Estimates appeared first on theprimarymarket.com.

The Wall Street analysts expected $22.09 billion in revenue for Q3, but Tesla came at $21.45 billion. The company did deliver on adjusted earnings per share, coming at $1.05 versus the $1.01 expected, but that didn’t seem to calm the investors.

After the Q3 results were made public, Tesla stock dipped to 211.28 per share in after-hours trading. This is around a 5% drop from the close price of $222.04 on Wednesday. Overall, the automaker’s shares are 45% down year to date.

The company explained its less-than-impressive results with a strong dollar, which is cutting into their profit on the international market. Also, the company says it has encountered production and delivery obstacles that hampered its business.

“While the availability of components posed less of an issue in the quarter, vehicle transportation capacity during peak delivery periods became increasingly challenging,” said the company.

Still, Tesla expects to have a strong finish of the year and a successful 2023. The company announced plans to start delivering its Semi Truck in December while starting with the production of Cybertruck in the near future. Also, it is sticking with a plan to increase its deliveries by 50% on a yearly average.

The post Tesla’s Q3 Earnings Miss on Revenue, Stock Dips 5% appeared first on theprimarymarket.com.

Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

A post from Tesla on the social media platform Weibo showed that the price of the Model S has been lowered from 808,900 yuan to 754,900 yuan ($103,477.58); a 6.7% drop. The price of the Model X was reduced by 6.9% from 898,900 yuan to 836,900 yuan.

Vehicle sales in China for the EV maker declined by 31% in July compared to June – the first month-on-month decline that Tesla has experienced since December last year. This was the period in which Tesla lowered its production levels as it dedicated more resources to preparing for the revamped Model 3 launch.

In addition to raising its profit margin, Tesla is also looking to remain competitive against rivals such as China’s BYD, which saw its sales increase over July compared to the previous month.

The post Tesla Slashes Prices in China in Sales Push appeared first on theprimarymarket.com.

Futures on the S&P 500 fell by 0.62% on Thursday, while those on the Dow Jones Industrial Average declined by 0.39%. Contracts on the tech-heavy Nasdaq Composite Index sunk by almost 1%.

Tesla shares tanked by almost 7% during pre-market trading after the company reported lower-than-expected first-quarter earnings on Wednesday. The company’s gross profit margin was 19.3%, lower than Wall Street estimates of a 20.7% gross profit margin.

Following Tesla’s example were Ford and General Motors stocks, which declined by almost 2%. Stocks in fellow EV companies Rivian and NIO also fell by over 2%.

Major indexes closed relatively flat on Wednesday following the mixed corporate earnings reported by Netflix and Morgan Stanley. IBM shares were on the rise after the company adjusted earnings per share of $1.36, beating Wall Street estimates of $1.25 per share.

Oil futures declined on Thursday, with the U.S. benchmark West Texas Intermediate falling by approximately 1.5%. Investors also placed focus on this week’s economic data, with 245,000 jobless claims being filed.

The post Futures Decline Following Disappointing Tesla Financials appeared first on theprimarymarket.com.

Tesla reported revenue of $23.33 billion compared to the $23.21 billion estimated by Refinitiv, while the adjusted earnings per share were in line with the expected mark of $0.85. However, the company’s total gross margin was 19.3%, well below the 22.4% expected by analysts polled by Refinitiv.

Since the start of 2023, Tesla has tried to boost the sales of its electric cars by slashing the prices on six occasions. This included a price cut on Monday night that will result in some models being available for less than $40K. Some experts predict even lower prices in the future as the company faces increased competition.

“We expect ongoing cost reduction of our vehicles, including improved production efficiency at our newest factories and lower logistics costs, and remain focused on operating leverage as we scale,” Tesla said in a statement released to shareholders.

Tesla’s stock closed on Tuesday at $180.59 per share, representing a 67.06% jump year-to-date. The shares fell as low as $172.66 at one point after the bell.

The post Tesla Shares Drop After Disappointing First-Quarter Earnings Results appeared first on theprimarymarket.com.

These earnings results are expected to provide some guidance on the direction of the U.S. economy as well as potential actions that the Federal Reserve could take at its next policy meeting in May.

With all three major U.S. indices logging gains last week, banking stocks appeared to be driving this surge, with JPMorgan leading the charge by gaining over 7% on what was its best day of trading since 2020.

“This week, the initial earnings from a few very large banks suggest that the quick work of the FDIC and Federal Reserve in the wake of Silicon Valley Bank’s failure [has] prevented broader damage,” strategists at Bespoke Investment Group commented in a note to clients.

Among the banking and investment stocks that remain in full focus are Charles Schwab, with results set to be released on Monday, and Bank of America and Goldman Sachs, both of whom will release their results on Tuesday.

The post Netflix, Tesla, Bank of America, in Spotlight Ahead of Earnings Reports appeared first on theprimarymarket.com.

Chandan Kumar, head of products at ETF provider Indxx commented that Tesla’s continued growth in China is unsurprising. This is because China’s Passenger Car Association (CPCA) stated in February that sales of new energy vehicles rose by 30% overall for the month.

“As a logical result of this Tesla, despite what many Americans may think, only gets roughly 31% of its total sales from the US, with the rest essentially all from China and Europe,” Kumar observed.

Much of Tesla’s sales boost comes from the company’s decision to cut the price of its Chinese-made Model 3 and the Model Y in January, which were reduced by 13.5% and 10% respectively.

Despite Tesla’s sales growth, the company was still outperformed by competitors such as BYD, which outsold Tesla and grew its new energy vehicle sales by over 100% for the month.

The post Tesla Stock Rises Amid China Sales Boom appeared first on theprimarymarket.com.

405,278 electric vehicles were delivered by Tesla in the fourth quarter, notably exceeding the 308,600 vehicles delivered during the same period during the previous year. This figure still fell short of analysts’ estimates of 431,117 deliveries for the quarter.

Of the vehicles delivered during the fourth quarter of 2022, 388,131 were Model 3 compact sedans and Model Y sports utility vehicles. 17,147 of the vehicles were Model X and Model S luxury cars.

With 439,701 vehicles being produced during the fourth quarter, Tesla’s deliveries fell about 34,000 vehicles short of production. This comes after CEO Elon Musk stated in October that he was working to resolve ongoing logistical bottlenecks.

Tesla plans to run a reduced production schedule in January, with the company implementing a shutdown at its Shanghai branch over the Chinese new year.

The post Tesla Reports Record Deliveries, Misses Estimates appeared first on theprimarymarket.com.

The Wall Street analysts expected $22.09 billion in revenue for Q3, but Tesla came at $21.45 billion. The company did deliver on adjusted earnings per share, coming at $1.05 versus the $1.01 expected, but that didn’t seem to calm the investors.

After the Q3 results were made public, Tesla stock dipped to 211.28 per share in after-hours trading. This is around a 5% drop from the close price of $222.04 on Wednesday. Overall, the automaker’s shares are 45% down year to date.

The company explained its less-than-impressive results with a strong dollar, which is cutting into their profit on the international market. Also, the company says it has encountered production and delivery obstacles that hampered its business.

“While the availability of components posed less of an issue in the quarter, vehicle transportation capacity during peak delivery periods became increasingly challenging,” said the company.

Still, Tesla expects to have a strong finish of the year and a successful 2023. The company announced plans to start delivering its Semi Truck in December while starting with the production of Cybertruck in the near future. Also, it is sticking with a plan to increase its deliveries by 50% on a yearly average.

The post Tesla’s Q3 Earnings Miss on Revenue, Stock Dips 5% appeared first on theprimarymarket.com.